This invention relates in general to disposable paper receptacles and deals more particularly with an improved insulating cover assembly for a disposable container of a type particularly suited to package hot food sold by fast food restaurants and the like. Advances in the plastic molding art have made it feasible to produce, at low cost, unitary molded plastic lids for disposable paper containers. In addition to the obvious cost advantage, such a lid may be readily produced with an integral design impressed therein, as, for example, a trademark. While such a molded container lid may be suitable for many uses it generally lacks the insulating quality inherent in a container cover made from heavy paper. It is the general aim of the present invention to provide an improved low cost container cover assembly suitable for use in packaging hot food and which has insulating qualities comparable to those of substantially more expensive formed paper container covers.